How are your scholarship funds paid to awardees? In general, we find that payments are handled in one or more of the following ways:
One-time payments: the awardee receives the total award amount as one single payment, either directly to them or to the institution that the funding is needed for.
Multiple payments: the awardee receives multiple payments, for example half of the total award in the Fall and the other half in the Spring. These payments may or may not be renewable.
Example one: the ABC Scholarship awards a student $10,000 over a four-year period. In year 1, the awardee receives a payment of $2,500. In year 2, if the awardee is still considered eligible for the scholarship, they receive a second payment of $2,500. This continues each year until the award is fully paid to the awardee. Four total payments are made.
Example two: the XYZ Scholarship awards a student $10,000 over a four-year period. In year 1, the awardee receives two payments, one of $1,250 in the Fall and one of $1,250 in the Spring. In year 2, if the awardee is still considered eligible for the scholarship, they again receive $1,250 in the Fall and $1,250 in the Spring. This continues each year until the award is fully paid to the awardee. Eight total payments are made.
If you have either multiple payments as described above, you may benefit from using the Renewable feature in AwardSpring. The Renewable feature allows you to set dates for future payments. In addition, you can use the follow-ups feature to ask students who are renewing to confirm or update their information (such as GPA or enrollment status) in order to maintain their award.
Reference each listed item below as needed: